Friday, July 2, 2010

GLC director can sit on five boards, says PM

A GOVERNMENT-linked company (GLC) director is allowed to sit on the board of directors of no more than five listed companies and a maximum of 10 non-listed companies at any one time.

The guidelines were set by the Putrajaya Committee for GLCs’ High Performance.

“The numbers are lower compared with the maximum set by Bursa Malaysia, which allows a person to become a director in not more than 10 listed companies and 15 non-listed companies,” Prime Minister Datuk Seri Najib Razak said in a written reply to Lim Lip Eng (DAP - Segam­but) yesterday.

Lim had asked the Finance Ministry to state the names of senior officers in GLCs, including chairmen and chief executive officers, who held more than one post at any one time, and whether there were plans to employ senior officers via advertisements. Najib said GLCs had succession models of their own. “The GLCs, like multinational companies, also use the services of experienced executive head-hunting firms, as good company practice,” he said.

GLCs also deployed people with experience and selected skills that could contribute to their operations, said Najib.